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☆ Real-estate tech firms are getting hammered by a cataclysmic reckoning that one VC called a cross between the 2001 dot-com bust and the 2008 market crash
▼ + stars: | 2022-11-16 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +10 min

The proptech sector is battling two challenges at once: a slowing housing market and a tech bust. For almost a decade, a growing group of companies have thrived by introducing tech innovations to a stubbornly analog real-estate industry. "Now we're seeing something that feels like a confluence between the 2001 dot-com bust in the venture-capital world and the 2008 market crash in real estate. Shares of both Opendoor and Redfin, which once drew investor attention to the soaring proptech industry, are worth roughly one-tenth what where they were a year ago. The company hasn't laid off any of its 300-person staff — including a roughly 50-person tech team — and doesn't plan to, Matthews said.

☆ How anyone can get a cut of the $1.2T vacation rental market with reAlpha
▼ + stars: | 2022-11-10 | by ( Sponsor Post | Created Realpha With Insider Studios | ) www.businessinsider.com time to read: +9 min

And anyone can invest as they disrupt the $1.2 trillion short-term rental market. Now reAlpha is doing it for the $1.2 trillion short-term rental industry — and the timing couldn't be better. Why reAlpha targets the vacation rental marketreAlpha is targeting the vacation rental market because it's outperforming the rest of the real estate sector, and isn't slowing down. reAlpha makes short-term rental investing easyWhile many aspiring property investors are looking to get in on the $1.2 trillion short-term rental market, they're faced with roadblock after roadblock. Not only is reAlpha targeting the fast-growing vacation rental market, but they're using AI to take the opportunity to the next level.

☆ Real-estate investor Mike Webb has acquired a 35-unit portfolio all while working 40 hours a week as a firefighter. He shares his top 3 tips for new investors navigating the sky-high mortgage rate env
▼ + stars: | 2022-11-10 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

The outlook for real-estate investors has dramatically changed over the last year. Mortgage rates are at their highest levels in two decades. The outlook for real-estate investors has dramatically changed over the last year. Mortgage rates have skyrocketed above 7% with the Federal Reserve taking drastic tightening measures to rein in four-decade-high inflation. Currently, 30-year fixed mortgage rates are at their highest levels in two decades.

☆ Redfin is shutting down its home-flipping business and laying off 13% of staff
▼ + stars: | 2022-11-09 | by ( Travis Clark | ) www.businessinsider.com time to read: +2 min

Redfin announced layoffs on Wednesday. It's also winding down its home-flipping business, RedfinNow. 264 of those are related to the company's home-flipping business, RedfinNow, which it will shut down, the company said in a financial filing. An additional 218 staffers will have their roles eliminated, though they're being offered a new role within the company, Redfin said. A year ago, Zillow announced it would be shutting down its own iBuying division and laying off roughly 2,000 people, about a quarter of its workforce.

☆ Stocks making the biggest moves midday: Under Armour, Robinhood, Peloton, Lincoln National and more
▼ + stars: | 2022-11-03 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

The real estate tech company reported earnings of 38 cents per share on revenue of $483 million. Robinhood — Shares of the trading app soared 9.7% after the company reported a smaller-than-expected quarterly loss as well as revenue that topped analyst forecasts. Lincoln National — Shares dropped 33% after Lincoln National missed earnings per share expectations in its third quarter, despite surprising to the upside on its sales forecast. The company reported adjusted earnings per share of $3.13, in line with Wall Street expectations. Otherwise, the company reported a strong third-quarter earnings report, beating on the top and bottom lines.

☆ Opendoor slashed prices and paid buyers' agents $3,500 a house in a rush to off-load thousands of homes in the third quarter
▼ + stars: | 2022-11-01 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +7 min

Opendoor cut prices and gave incentives in the third quarter, losing cash on much of its inventory. Opendoor has been offering buyers $15,000 credits and their brokers $3,500 bonuses. A decelerating housing market poses a challenge for iBuying companies like Opendoor, which use home-pricing algorithms to purchase homes. In the third quarter, Opendoor sold between 8,100 and 8,550 homes, according to an estimate by Datadoor, a startup that catalogs Opendoor's acquisition and sales activity across the country. The high end of Datadoor's estimate, 8,550 home sales, would be an 18% decrease in the number of sales Opendoor reported for the second quarter and 32% below the first quarter.

☆ Jobs, home prices and market volatility are among clients' big concerns right now, advisors say
▼ + stars: | 2022-10-03 | by ( Sarah O'Brien | Nicole Webb | Senior Vice President Financial Advisor At Wealth Enhancement Group | ) www.cnbc.com time to read: +3 min

We spoke with experts from CNBC's Financial Advisor Council to see what they were discussing with their clients. The unemployment rate remains low: The most recent U.S. Bureau of Labor and Statistics data shows an unemployment rate of 3.7% for August, up slightly from 3.5% in July. Memories of the Great Recession lingerYet some clients have memories of the 2008-2009 Great Recession and its accompanying broad-based job losses. In December 2007, ahead of the economic woes brought on by the financial crisis, the U.S. unemployment rate was 5%, according to the BLS. Boneparth said the labor market concerns come primarily from clients who work for startups that are largely tech-related.

☆ Opendoor is staring down losses after once boasting it wouldn't repeat Zillow's home-flipping fiasco. 5 properties from Phoenix to Atlanta show the trouble it's facing.
▼ + stars: | 2022-09-21 | by ( James Rodriguez | Alex Nicoll | ) www.businessinsider.com time to read: +9 min

The losses are mounting for Opendoor as home prices fall in previously red-hot markets such as Phoenix, Southern California, and Las Vegas. Opendoor cut the listing price three times, ultimately dropping it to $657,000 before the property sold. Opendoor has since cut the listing price five times, most recently advertising the property at $417,000. Records on Zillow indicate Opendoor has reduced the listing price six times. As for the homes Opendoor is buying today, Wu said executives "expect those to perform well and in line with expectations."

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